We continued to be very focused on attracting high quality tenants to key land parcels for NOI creation or liquefied certain land holdings and clearly our target is to lower non-income producing land as a percentage of GAV to about 15%.
When we move really to operations for the first quarter, it’s important to remember as many other teams have reported, the macro market still remains challenging and the political climate clearly in disarray. Following our fourth quarter highest volume leasing quarter in the history the company as well as the highest leasing year in the history of the company in 2011, we’re very pleased to report really solid leasing demand in the first quarter, 63 leases signed for 912,000 square feet and really balanced by region, 19% coming from San Diego, 24% from San Francisco, 15% from RTP, 13% from Maryland and 27% from Boston. This really confirms the solid life science demand really for our best-in-class properties and our best-in-class submarket adjacency locations.
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